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Author Question: What does the following statement imply about price elasticity of demand? "An unexpected spike in ... (Read 54 times)

bubba123

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on: Oct 12, 2022

Question 1

If the value of the price elasticity of demand is 0.6, demand is said to be
◦ partially elastic.
◦ inelastic.
◦ somewhat inelastic.
◦ elastic.
◦ partially inelastic.

Question 2

What does the following statement imply about price elasticity of demand? "An unexpected spike in world oil prices leads to dramatic increase in revenue for the world's oil producers."
◦ Elasticity of demand for oil is constant.
◦ Elasticity of demand for oil is equal to zero.
◦ Short-run demand for oil is inelastic.
◦ Elasticity of demand for oil is equal to one.
◦ Short-run demand for oil is elastic.
Microeconomics ¦ Ragan ¦ 17th Edition
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Marked as best answer by bubba123 on Oct 12, 2022

msgero

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Reply #1 on: Oct 12, 2022
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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bubba123

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Reply 2 on: Oct 12, 2022
YES! Correct, THANKS for helping me on my review

rachel

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Reply 3 on: Yesterday
:D TYSM

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